Risks in Large Value Payment Systems | Open Access Journals
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Please note that corrections may take a couple of weeks to filter through the various RePEc services. Economic literature: papers , articles , software , chapters , books. Awareness of operational risk has increased greatly in recent years, both at individual financial institutions and for payment, clearing, and settlement systems PCSS.
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PCSS consist of networks of interconnected elements i. Given the importance of financial intermediation for the economy and the need to have a functioning infrastructure in order to allow for a speedy and safe transmission of information between all players, all states have created special entities that will supervise or oversee the proper functioning of institutions, systems and networks.
Risks in Large Value Payment Systems
It then highlights some recent developments in the region: the extraordinary increase in the volume and value of transactions over the last years has not only had positive aspects, but, from an operational point of view, is possibly also the source of more risk. This leads to some thoughts on operational risks and steps to mitigate, including "Basel II" and other documents from the Basel Committee that promote a better awareness and management of operational risk.
Becker, D and K Trinh : Importance and limits of regulation in standardization activities: examples of some projects and market activities, presentation given at SIBOS Central Bank of Iceland : Payment and settlement systems - Ongoing operational risk reduction, Financial Stability Report, p Heinrich, Gregor , International initiatives towards harmonisation in the field of funds transfers, payments, payment systems, and securities settlement: an annotated bibliography.
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